India: Limited trades weigh on sponge iron offers in Bellary

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Sponge iron PDRI (FeM 80%) offers dropped by INR 450/t and 1,000 t of deals were concluded between INR 29,200-29,300/t exw on 20 Dec’22.
Iron ore lump-based DRI (CDRI) prices slipped up to INR 450/t & around 1,150 t of deals were confirmed at INR 30,000-30,300/t exw.
Lack of buying enquiries and slow demand for sponge iron drove offers downward.

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